Money is No Object
Testimony before Congress regarding bailout outflows.
The Wall Street Journal reported today that the U.S. has so far committed nearly #3 trillion for stabilization of financial institutions and the idiot auto industry. This information was presented by Neil Barofsky, a special inspector general assigned to TARP to a special committee on the government bailouts.
Mister Barofsky also stated that there is only @190 billion left of the $700 billion program being used to remove toxic assets from bank balance sheets.
The figure of $2.98 billion includes TARP money as well as funds from the Federal Reserve Bank and FDIC for certain programs. Senator Baucus (D., Montana) remarked that “It’s like having a second U.S. government budget dedicated solely to saving the financial system, and that is truly surreal.”
Mister Barofsky also wanred of the distinct possibility of criminal activity. He said the potential is for fraud to the tune of hundreds of billions of dollars!!!! BILLIONS!!!!!!!
This statement should come as no surprise to anyone. This government funded travesty will itself be mired in fraud just like many government programs (remember Katrina) and Washington will do little or nothing to stop it! The government cares not if hundreds of billions of your dollars end up in the hands of criminals. The government has no regards for you or me and besides- It’s only money, right?